Ed Miliband slams banks

LABOUR leader Ed Miliband accused banks of failing British industry and exploiting their customers in an incendiary speech yesterday.

Calling on the government to reform the banking system, Miliband attacked banks as “institutions that derive massive profits from speculation” and said they were failing to provide funding to businesses.

His speech to the British Chambers of Commerce, just days before the Independent Banking Commission publishes its recommendations, set out clearly Labour’s continuing appetite for bashing the UK’s banks.

“British industry has been failed by the banking system for too long,” he said. “Britain’s banking sector has become just too disconnected from the communities and businesses it serves.”